Port of Aalborg delivers solid annual report in extraordinary year

Port of Aalborg managed to steer safely through a very special year, one which marked the end of an almost 50-year-long cooperation on the Greenland traffic in Aalborg when the last Royal Arctic Line ship sailed from the Port of Aalborg on June 22.

Specifically, Port of Aalborg delivered revenue of DKK 239.5 million in 2022, surpassing the revenue of DKK 239.2 million in 2021. The bottom line hit DKK 66.6 million. This development is satisfactory, according to the port’s chairman of the board, Lasse Frimand Jensen:

– 2022 was an extraordinary year for us and across the world in many ways. Even though we feel the impact when a large long-term customer relationship disappears, the yearly accounts show our business model is robust. Our business model strength results from strategic development over the past 10-15 years, where we have invested heavily in our business park and multimodal logistics facilities, among other things, says Lasse Frimand Jensen.

The war in Ukraine and the subsequent world economy developments also played a role in Port of Aalborg’s 2022. Rising oil prices challenged the market, with many demands for oil storage, which, together with declining container cargo volumes related to Greenland traffic, has affected the port’s business.

– On the other hand, we have yet to notice any fluctuations in other freight types compared to 2021, while the interest in establishing and expanding businesses in our growing business park remains very high. Additionally, we have taken advantage of the significant interest rate increases to convert loans, thus reducing our debt obligations and subsequently pushing the balance sheet in a positive direction, says Kristian Thulesen Dahl, who started as CEO at Port of Aalborg in August 2022.

Continued investments in the business park

Port of Aalborg business owns 4.2 million sqm. of land for commercial purposes with associated quays and infrastructure as well as nearly 200,000 sqm. of office and warehouse space for rent. In 2022, the port’s business park at Østhavnen continued to develop.

Port of Aalborg business owns 4.2 million sqm. of land for commercial purposes with associated quays and infrastructure and nearly 200,000 sqm. of office and warehouse space for rent. In 2022, the development of Port of Aalborg’s business park at Østhavnen continued.

Over the year, the port completed 16,000 sqm. of construction, acquired a 10,000 sqm industrial building, and inaugurated a 100-meter quay extension. This development will continue in 2023:

– Developing our facilities further to create the best possible framework for businesses will continue. Generally, we see very good progress in our newest Ankeret area, where we are completing three significant construction projects totaling 25,000 sqm this year. We are also in dialogue with several companies about the possibilities of establishing themselves with us, says Kristian Thulesen Dahl.

During 2022, Mollerup Mølle, Danske Fragtmænd and Netic, among others, established new activities at Østhavnen.

New beginning for container traffic and growth through green transition

The end of the Greenland activities gives container traffic in and out of North Jutland a new start. As of January 1, 2023, the Port of Aalborg took over the port’s container terminal operations, which has weekly calls from Unifeeder. The port continuously works on attracting more large container shipping companies to Aalborg.

– After almost 50 years with the container terminal primarily operating on the terms of the Greenland traffic due to the universal service obligation, the focus is now on the regional company and freight forwarder interests. We believe together with the business community, good partners, and smart and innovative solutions and investments, we can create the basis for new container growth here in Aalborg, says Kristian Thulesen Dahl.

The innovative solutions can, among others things, come through the EU project AEGIS (Advanced Efficient and Green Intermodal Systems). Port of Aalborg is a case in this project, developing specific concepts to create a fully automated terminal that handles containers, ro/ro, and bulk transport via short sea shipping and the rail network. These concepts aim to move transportation away from the road network.

– The AEGIS project is a great example of how we want to play a crucial role as a catalyst for the green transition. We are facing a time when the green transition must accelerate to achieve the climate goals. As a port that already houses strong wind industry and Power-to-X clusters, we have much to contribute. Further, it can potentially lead to a lot of new jobs and growth, explains Kristian Thulesen Dahl.

Port of Aalborg currently participates in several Power-to-X and carbon capture projects. In 2022, Port of Aalborg signed a letter of intent with European Energy on establishing a new Power-to-X plant at the port, which is plans to produce up to 75,000 tons of e-methanol annually.

For further information, please contact:

• Kristian Thulesen Dahl, CEO, Port of Aalborg A/S, tel. 99 30 15 00 and ktd@portofaalborg.com
• Lasse Frimand Jensen, Chairman, Port of Aalborg A/S, tel. 31 99 06 49 and lfj-byraad@aalborg.dk
• Press service: Maja Thordahl Schou, Head of Communications, Port of Aalborg A/S, tel.. 22 61 83 08 and mts@portofaalborg.com